Tosoh presents its full-year consolidated results for its 2020 fiscal year, from April 1, 2019, to March 31, 2020. Down ¥75.4 billion, or 8.7 percent, from fiscal 2019, the company’s consolidated net sales for the year under review were ¥786.1 billion (US$7.2 billion). The decrease resulted from a decline in product prices due to lower costs for raw materials, such as naphtha.
Down ¥24.0 billion, or 22.8 percent, operating income for fiscal 2020 was ¥81.7 billion (US$751.6 million). This decline was mainly due to the decline in international trade conditions caused by the decrease in product prices exceeding the benefits of the decrease in prices for naphtha and other raw materials.
Ordinary income also dropped ¥27.0 billion, or 23.9 percent, to ¥86.0 billion (US$791.2 million). And net profit attributable to owners of the parent company was down ¥22.5 billion, or 28.9 percent, to ¥55.6 billion (US$511.5 million).
Concerns over an economic slowdown because of trade friction between the US and China and geopolitical risk in the Middle East persisted throughout the year under review. As Tosoh enters its 2021 fiscal year, economic and social activity in Japan and abroad have ground to a halt due to the spread of the novel coronavirus.
